PXH vs. QEMM

Last updated Jun 24, 2026

PXH (Invesco FTSE RAFI Emerging Markets ETF) and QEMM (SPDR MSCI Emerging Markets StrategicFactors ETF) are both Emerging Markets Equities funds - PXH tracks the FTSE RAFI Emerging Markets Index while QEMM tracks the MSCI EM Factor Mix A-Series (USD). Both are passively managed. Over the past 10 years, PXH returned 10.53%/yr vs 8.86%/yr for QEMM. Their correlation of 0.83 suggests significant overlap in exposure. PXH charges 0.50%/yr vs 0.30%/yr for QEMM.

Performance

PXH vs. QEMM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco FTSE RAFI Emerging Markets ETF (PXH) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PXH achieves a 10.82% return, which is significantly lower than QEMM's 21.11% return. Over the past 10 years, PXH has outperformed QEMM with an annualized return of 10.53%, while QEMM has yielded a comparatively lower 8.86% annualized return.

PXH

• 1D: -2.63%
• 1M: -0.53%
• YTD: 10.82%
• 6M: 11.08%
• 1Y: 28.95%
• 3Y*: 20.22%
• 5Y*: 8.62%
• 10Y*: 10.53%

QEMM

• 1D: -3.77%
• 1M: 1.15%
• YTD: 21.11%
• 6M: 21.59%
• 1Y: 35.60%
• 3Y*: 18.42%
• 5Y*: 7.03%
• 10Y*: 8.86%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PXH vs. QEMM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PXH Invesco FTSE RAFI Emerging Markets ETF	10.82%	31.44%	12.09%	13.93%	-15.18%	8.31%	-1.91%	16.77%	-8.68%	26.60%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	21.11%	21.92%	4.98%	12.50%	-17.82%	6.34%	9.95%	15.40%	-13.33%	31.50%

Correlation

The correlation between PXH and QEMM is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.90
Correlation (5Y) Calculated over the trailing 5-year period	0.91
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	0.83

The correlation between PXH and QEMM has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

PXH vs. QEMM - Sectors Allocation Comparison

Sectors	PXH	QEMM
Financial Services	24.8%	13.1%
Technology	24.5%	25.2%
Basic Materials	11.8%	3.0%
Energy	11.5%	2.4%
Consumer Cyclical	9.8%	4.8%
Communication Services	5.9%	2.4%
Industrials	4.4%	1.8%
Consumer Defensive	2.7%	2.1%
Utilities	2.2%	1.5%
Real Estate	1.7%	0.6%
Healthcare	0.8%	0.9%

Return for Risk

PXH vs. QEMM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PXH

PXH Risk / Return Rank: 58
PXH Sharpe Ratio Rank: 57
PXH Sortino Ratio Rank: 54
PXH Omega Ratio Rank: 57
PXH Calmar Ratio Rank: 61
PXH Martin Ratio Rank: 60

QEMM

QEMM Risk / Return Rank: 66
QEMM Sharpe Ratio Rank: 63
QEMM Sortino Ratio Rank: 58
QEMM Omega Ratio Rank: 67
QEMM Calmar Ratio Rank: 72
QEMM Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PXH vs. QEMM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco FTSE RAFI Emerging Markets ETF (PXH) and SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PXH	QEMM	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.94	-0.13
Sortino ratio: Return per unit of downside risk	2.44	2.57	-0.14
Omega ratio: Gain probability vs. loss probability	1.33	1.37	-0.04
Calmar ratio: Return relative to maximum drawdown	2.84	3.44	-0.60
Martin ratio: Return relative to average drawdown	10.04	12.14	-2.10

PXH vs. QEMM - Sharpe Ratio Comparison

The current PXH Sharpe Ratio is 1.81, which is comparable to the QEMM Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of PXH and QEMM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PXH vs. QEMM - Drawdown Comparison

The maximum PXH drawdown since its inception was -63.63%, which is greater than QEMM's maximum drawdown of -36.89%. Use the drawdown chart below to compare losses from any high point for PXH and QEMM.

Drawdown Indicators

	PXH	QEMM	Difference
Max Drawdown Largest peak-to-trough decline	-63.63%	-36.89%	-26.74%
Max Drawdown (1Y) Largest decline over 1 year	-10.24%	-10.40%	+0.16%
Max Drawdown (3Y) Largest decline over 3 years	-17.72%	-17.03%	-0.69%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-27.19%	-2.40%
Max Drawdown (10Y) Largest decline over 10 years	-40.42%	-36.89%	-3.53%
Current Drawdown Current decline from peak	-4.91%	-4.06%	-0.85%
Average Drawdown Average peak-to-trough decline	-16.82%	-10.60%	-6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.94%	-0.05%

Volatility

PXH vs. QEMM - Volatility Comparison

The current volatility for Invesco FTSE RAFI Emerging Markets ETF (PXH) is 6.78%, while SPDR MSCI Emerging Markets StrategicFactors ETF (QEMM) has a volatility of 9.31%. This indicates that PXH experiences smaller price fluctuations and is considered to be less risky than QEMM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PXH	QEMM	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.78%	9.31%	-2.53%
Volatility (6M) Calculated over the trailing 6-month period	13.45%	16.80%	-3.35%
Volatility (1Y) Calculated over the trailing 1-year period	16.11%	18.46%	-2.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.93%	15.64%	+2.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.96%	16.98%	+2.98%

PXH vs. QEMM - Expense Ratio Comparison

PXH has a 0.50% expense ratio, which is higher than QEMM's 0.30% expense ratio.

Dividends

PXH vs. QEMM - Dividend Comparison

PXH's dividend yield for the trailing twelve months is around 4.34%, less than QEMM's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PXH Invesco FTSE RAFI Emerging Markets ETF	4.34%	4.02%	4.43%	4.84%	5.33%	4.69%	2.79%	3.28%	3.30%	2.74%	1.97%	3.44%
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF	4.46%	4.90%	5.17%	4.88%	4.07%	2.35%	2.48%	3.05%	2.86%	2.11%	2.03%	2.14%

Frequently Asked Questions

Can I hold both PXH and QEMM in my portfolio?

PXH and QEMM have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PXH or QEMM?

QEMM has higher volatility (9.31%) compared to PXH (6.78%). In terms of maximum drawdown, PXH dropped -63.63% vs QEMM's -36.89%.

Which ETF is better, PXH or QEMM?

On 10-year performance, PXH leads with 10.53% vs 8.86% for QEMM. On fees, QEMM is cheaper at 0.30% per year. On volatility, PXH has been the lower-risk option at 6.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PXH or QEMM?

Over the 10-year period, PXH has performed better with a 10.53% return vs 8.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PXH or QEMM?

QEMM is cheaper with a 0.30% expense ratio, compared with 0.50% for PXH.

Which ETF pays a higher dividend yield, PXH or QEMM?

QEMM has the higher dividend yield at 4.46%, compared with 4.34% for PXH.

What is the main difference between PXH and QEMM?

PXH tracks FTSE RAFI Emerging Markets Index, while QEMM tracks MSCI EM Factor Mix A-Series (USD). They also come from different issuers: Invesco and State Street. Their fees differ too: 0.50% for PXH and 0.30% for QEMM.

Which has better risk-adjusted returns?

QEMM currently has the higher Sharpe Ratio (1.94 vs 1.81), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.